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Fidelity files with the SEC
May 29, 2013--Fidelity has filed a pre-effective amendment, registration statement with the SEC for the
Mortgage Securities ETF.
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State Street files with the SEC-SPDR S&P Global Dividend ETF
May 29, 2013--State Street has filed a post-effective amendment, registration statement with the SEC for the SPDR S&P Global Dividend ETF (WDIV).
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State Street files with the SEC
May 29, 2013--State Street has filed a post-effective amendment, registration statement with the SEC for the SPDR Barclays 1-10 Year TIPS ETF (TIPX).
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Barron's 400 Index Gains Expertise of Industry Expert John Prestbo
MarketGrader Capital and Barron's Collaborate On Key Stock Index
May 28, 2013--MarketGrader Capital' LLC' announced it has engaged John Prestbo, widely regarded as a guiding force behind the Dow Jones Indexes, as a senior adviser to assist in the growth and development of the Barron's 400 Index.
Prestbo, who is also a columnist for MarketWatch and author, will bring his expertise to MarketGrader’s plans to establish greater prominence to the Barron’s 400 Index, which was jointly developed by Barron’s and MarketGrader.
"We are delighted to have John Prestbo’s expertise and wisdom at hand as we bring investor attention to the Barron’s 400 Index, which provides a key reflection of how many of the best public companies in America are doing,” said Carlos Diez, MarketGrader Capital CEO.
Vanguard ETF to Transition to FTSE Index
May 28, 2013--Vanguard Investments Canada Inc. announced that Vanguard MSCI EAFE Index ETF (CAD-hedged) (VEF) will seek to track the FTSE Developed ex North America Hedged CAD Index, effective at the opening of trading at 9:30 a.m. Eastern time on May 29, 2013.
As a result, the name of the exchange-traded fund (ETF) will change to Vanguard FTSE Developed ex North America Index ETF (CAD-hedged). The ticker will stay the same.
Vanguard Tax-Managed International Fund and ETF to Transition to FTSE Index
May 28, 2013--Vanguard announced that Vanguard Tax-Managed International Fund will seek to track the FTSE Developed ex North America Index, effective at the opening of trading at 9:30 a.m. Eastern time on May 29, 2013.
The target benchmark of the $15.7 billion Tax-Managed International Fund was previously the MSCI EAFE Index. The FTSE benchmark provides similar exposure to large-capitalization companies in developed markets outside of the United States and the transition will not impact the fund’s investment objective or policies.
With the transition, the name of the fund’s ETF Shares will change from Vanguard MSCI EAFE ETF to Vanguard FTSE Developed Markets ETF. The ETF’s ticker symbol (VEA) will remain the same.
DB-Synthetic Equity & Index Strategy- North America-US ETF Weekly Review-ETP assets fall by 1.1% on market plunge
May 28, 2013--Market and Net Cash Flows Review
Equity markets fell during last week. The US (S&P 500) fell by 1.07%; while, outside the US, the MSCI EAFE (in USD) and the MSCI EM (USD) dropped by 1.63% and 1.77%, respectively. Moving on to other asset classes, the 10Y US Treasury Yield rose by 6 bps last week; in the meantime broad commodities dropped, with the DB Liquid Commodity Index down by 0.29%.
Similarly, the Agriculture sector (DB Diversified Agriculture Index) and the WTI Crude Oil pulled back by 0.19% and 1.95%, respectively; while Gold and Silver prices moved higher by 1.99% and 0.67%, respectively. Last but not least, Volatility (VIX) rose by 12.37% during the same period.
The total US ETP flows from all products registered $0.28bn (-0.0% of AUM) of outflows during last week vs. $5.24bn (+0.3%) of inflows the previous week, setting the YTD weekly flows average at +$4bn (+$84.15bn YTD in total cash flows).
Equity, Fixed Income, and Commodity ETPs experienced flows of +$1.35bn (0.12%), $-0.004 (-0.0%), and -$1.61bn (-1.99%) last week vs. +$6.57bn (0.58%), -$0.76bn (-0.27%), and -$0.75bn (-0.89%) in the previous week, respectively.
Among US sectors, Financials (+$1.33bn, +2.2%) and Healthcare (+$0.28bn, +1.0%) received the top inflows, while Consumer Staples (-$0.16bn, -1.58%) and Utilities (-$0.14bn, -1.63%) experienced the largest outflows.
Top 3 ETPs & ETNs by inflows: FIGY (+$1bn), IWM (+$0.8bn), FBG (+$0.6bn)
Top 3 ETPs & ETNs by outflows: SPY (-$2.5bn), GLD (-$1bn), SPLV (-$0.6bn)
New Launch Calendar:
There were 2 ETFs and 2 ETNs launched during the previous week. The ETFs offer access to forward looking dividend growth (DGRW), and HY bonds with an embedded interest rate hedge (HYHG); while the ETNs offer access to international exposures with focus on yield and blue chip European stocks, respectively.
Turnover Review: Floor activity rose by 30%
Total weekly turnover increased by 30.8% to $359.82bn vs. $275.16bn from the previous week. Actually, last week's turnover level was also 33% over last year's weekly average. Equity, Fixed Income and Commodity ETPs turnover increased by $79.6bn (+33.7%), $1.5bn (+6.9%) and $2.8bn (+19.1%) during the same period, respectively.
Assets under Management (AUM) Review: assets dropped by $17bn
US ETP assets dropped by $17.2bn (-1.1%) totaling $1.502 trillion at the end of the week. As of last Friday, US ETPs have accumulated an asset growth of 12.6% YTD. Assets for Equity, Fixed Income and Commodity ETPs moved -$15.5bn, -$0.8bn, -$0.8bn during last week, respectively.
Morgan Stanley-US ETF Weekly Update
May 28, 2013--US ETF Weekly Update
Weekly Flows: $310 Million Net Outflows
ETF Assets Stand at $1.5 Trillion, up 12% YTD
ProShares Announces Share Splits
Mosaic to Purchase QuantShares
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net outflows of $310 mln last week; first net outflows in five weeks
Last week’s modest ETF net outflows were only the fourth week of net outflows YTD
US Large-Cap ETFs exhibited the largest net outflows this past week at $2.3 bln; specifically, the SPDR S&P 500 ETF (SPY) exhibited net outflows of $2.5 bln
ETF assets stand at $1.5 tln, up 12% YTD; $82.6 bln net inflows YTD
13-week flows were mostly positive among asset classes; combined $47.7 bln in net inflows
Despite exhibiting net outflows last week, Fixed Income ETFs have generated $14.5 bln in net inflows over the last 13 weeks driven by lower duration products
While ETF net inflows have been robust as a whole over the last 13 weeks, Commodity and International – Emerging Market Equity ETFs have posted $23.9 bln in aggregate net outflows over this period driven by gold, broad emerging markets, Brazil,and China
US-Listed ETFs: Estimated Largest Flows by Individual ETF
The iShares Russell 2000 Index Fund (IWM) posted net inflows of $758 mln last week, the most of any ETF
Despite IWM’s large net inflows last week, the fund has exhibited net outflows eight of the last 13 weeks totaling $355 mln
Interestingly, the iShares MSCI USA Minimum Volatility Index Fund (USMV) generated net inflows of $214 mln last week while the PowerShares S&P 500 Low Volatility Portfolio (SPLV) posted net outflows of $625 mln
The WisdomTree Japan Hedged Equity Fund (DXJ) posted its 23rd consecutive week of net inflows; over this time period DXJ has generated net inflows of $8.0 bln and has returned nearly 43%
US-Listed ETFs: Short Interest
Data Updated: Based on data as of 5/15/13
SPDR S&P 500 ETF (SPY) had the largest increases in USD short interest at $1.1 bln
Despite the increase in short interest, SPY’s 240.2 mln shares short are only 6% above their 52-week average
Aggregate ETF USD short interest increased by $2.6 bln over the period ended 5/15/13
The average shares short/shares outstanding for ETFs is currently 4.5%
The CurrencyShares Japanese Yen Trust (FXY) had one of the highest % of shares short relative to shares outstanding at 187% for
the period ended 5/15/13; FXY has consistently been one of the most heavily shorted ETFs since we began tracking the data and
the trade has recently paid off as FXY is down more than 14% YTD on a market price basis
Based on multiple borrowings and the ability to continuously create new shares, shares short as a % of shares outstanding can
exceed 100% (only six ETFs exhibited shares short as a % of shares outstanding greater than 100%)
US-Listed ETFs: Most Successful Recent Launches by Assets Source: Bloomberg, Morgan Stanley Wealth Management ETF Research. Data estimated as of 5/24/13 based on daily change in share counts and daily NAVs.
$6.8 bln in total market cap of ETFs less than 1-year old
Newly launched International -Emerging Equity ETFs accounted for 24% of the market cap of ETFs launched over the past
year, the most of any category
Issuance has been light in 2013 relative to the past three years; 46 new ETF listings and 27 closures/delistings YTD
The top 10 most successful launches make up 66% of the market cap of ETFs launched over the past year
Seven different ETF sponsors and two asset classes represented in top 10 most successful launches
Seven out of the 10 most successful launches over the past year have an income orientation
The Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) has generated net inflows of $348 mln over the last 13
weeks; notably, longer-dated TIPS ETFs have posted combined net outflows of $1.6 bln over the same time period
The iShares MSCI Frontier 100 Index Fund (FM) cracked the top 10 most successful launches over the past year with a $123 mln
market cap; FM owns securities in countries that have lower market caps and liquidity than emerging markets
DBX files with the SEC
May 28, 2013--DBX has filed a post-effective amendment, registration statement with the SEC for the
db X-trackers MSCI Emerging Markets Hedged Equity Fund (DBEM)
db X-trackers MSCI EAFE Hedged Equity Fund (DBEF)
db X-trackers MSCI Brazil Hedged Equity Fund (DBBR)
db X-trackers MSCI Germany Hedged Equity Fund (DBGR)
db X-trackers MSCI Japan Hedged Equity Fund (DBJP)
db X-trackers Regulated Utilities Fund (UTLT)
ProShares to Split 15 ETFs
May 26, 2013--ProShares, the largest sponsor of leveraged ETFs, said seven of its ETFs will undergo traditional, forward splits while another eight will be subject to reverse splits.
Maryland-based ProShares made the announcement in a statement released after the close of U.S. markets Friday.
The seven ProShares ETFs that will be split on a forward basis are the following: The ProShares Ultra Consumer Goods (UGE), ProShares UltraPro S&P500 (UPRO), ProShares UltraPro MidCap400 (UMDD), ProShares Ultra Russell3000 (UWC), ProShares Ultra Health Care (RXL), ProShares Ultra Consumer Services (UCC) and the ProShares UltraPro Russell2000 (URTY PROSHARES TRUST ULTRAPRO RUSSELL2000).
CFTC.gov Commitments of Traders Reports Update
May 24, 2013--The current reports for the week of May 21, 2013 are now available.
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NASDAQ Trades Its First Ever Senior Loan ETF
May 24, 2013--While less than 1% of all ETF assets are in actively managed products, more players are throwing their hat into the ring, including the NASDAQ. The actively-managed ETF provider First Trust launched the first ever senior loan product on the NASDAQ Stock Market this month called the First Trust Senior Loan Fund (FTSL).
"First Trust's actively managed senior loan fund offers investors an opportunity to access yield while having some protection from the eventual rise in interest rates," said Dave LaValle, vice president of transaction services at NASDAQ OMX.
RevenueShares files with the SEC
May 24, 2013--RevenueShares has filed a post-effective amendment, registration statement with the SEC for the
RevenueShares Emerging Market Fund
RevenueShares Ultra Dividend Fund.
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J.P. Morgan files with the SEC
May 24, 2013--J.P. Morgan has filed a second amended and restated application for exemptive relief with the SEC.
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JP Morgan files with the SEC
May 24, 2013--J.P. Morgan has filed a third amended and restated application for exemptive relief with the SEC.
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